%20inflation%C3%B3in%20of%20January%202026%20was%20of%202.9%%20and%20showed%C3%B3%20an%20acceleration%C3%B3n%20of%200.1%20%20percentage points%20 with respect to%20December.%20A%20from%20of%20data%20monthly%20and%20with%20the%20adoption%C3%B3n%20of%20%20update%20scheme%20%20for%20exchange%20bands,%20can%20estimate%20the%20value%20m%C3%To the maximum%20that%C3%A1%20can%20touch%20the%20d%C3%B3lar%20for%20March%20of%202026%20without%20intervening%20the%20Government.
The mechanism implemented by the economic team at the beginning of this year determines that the upper limit of the wholesale exchange rate will be adjusted based on the evolution of the Consumer Price Index (CPI) of the National Institute of Statistics and Censuses (Indec).To do this, the latest available data provided by the statistical agency is taken, which in practice implies a delay of two months.
According to official data and considering the closing value of January, the upper limit of the exchange rate band for the end of March will be close to 1,654 pesos.This ceiling will be modified throughout the year in accordance with inflationary dynamics.
%E2%80%9CKnown%20the%20inflation%C3%B3n%20of%20January,%20the%20ceiling%20of%20the%20band%20for%20end%20of%20March%20ser%C3%A1de%201,654%20pesos.%20Sec%C3%BAn%20el%20close%20de%20today%20$1,406,%20el%20d%C3%B3lar%20may%C3%ADa%20subir%2018%%20without%20that%20BCRA%20has%20that%20intervene.%20Attentive%20with%20the%20carry%20trade%E2%80%9D,%20held%20the%20afinanciallist%20Christian%20Buteler%20after%20knowing%20the%20status%C3%ADstica%20of%20first%20month%20of%C3%B1o.
Specifically, if the currency were to exceed $1,654 at the end of March, the monetary authority would be forced to intervene in the Free Exchange Market (MLC) to bring the price back within the exchange rate band system, whose main objective is to reduce exchange volatility, favor the accumulation of reserves and improve control over the external sector.
From%20the%20put%20in%20running%20of%20the%20%E2%80%9Cphase%204%E2%80%B3%20of%20program%20econ%C3%B3mico,%20El%20BancoCentrat%20accumulate%C3%B3%2027%20days%20consecutive%20with%20balance%20buyer%20inside%20and%20outside%20ofthemarket%20exchange.%20Offrom%20starts%20of%20to%C3%B1o,%20the%20authority%20monetary%20sum%C3%B3%20purchasesby%20almost%20USD%201,700%20million,%20cifra%20which%20represents%20m%C3%A1s%20of%2016%%20of%20the%20annual goal%20established%20for%20the%20acquisition%C3%B3n%20of%20currencies.
Throughout these 27 wheels, the total purchases reached 1,692 million dollars.For these operations, the entity issued pesos without resorting to sterilization mechanisms, which allows liquidity to be maintained and additional pressures on interest rates to be avoided.
International reserves closed at USD 45,232 million, with a daily drop of 91 million dollars.During the last month, the stock of foreign currency marked a maximum since August 2021, standing at USD 46.24 billion.This increase was partly associated with the rise in the international price of gold, which exceeded USD 5,000 per ounce.This asset, considered a refuge from global volatility, has a direct impact on the BCRA’s balance sheet, which has 1.98 million troy ounces, equivalent to 61.5 million tons.
“The placements of corporate and provincial bonds as well as the dynamics of private loans in dollars weighed. We believe that these sources of supply could be the bridge to the gross harvest,” highlighted from GrupoSBS regarding the purchase of foreign currency.
For%202026,%20the%20projections%20official%20estimate%20net%20purchases%20of%20currencies%20in%20arange%20of%20USD%2010,000%20million%20a%20USD%2017,000%20million,%20depending%20on%20rhythm%20of%20remonetization%C3%B3n.%20The%20president%20of%20BCRA,%20Santiago%20Bausili,%20indic%C3%B3%20that%20consolidation%C3%B3n%20of%20reserves%20depend%C3%A1%20both%20on%20the%20demand%20of%20pesos%20as%20dthe%20of%20d%C3%B3lar income.%20Up to%20the%20moment,%20the%20monetary%20authority%20and%20super%C3%B3%20the%2016%of%20annual%20goal.
The%20BCRA%20fixes%C3%B3%20a%20cap%20daily%20of%205%%20on%20the%20volume%20traded%20in%20the%20MarketoFree%20of%20Change%20for%20the%20purchase%20of%20currencies,%20with%20the%20end%20of%20preserve%20stability%20would change.%20On%20some%20occasions,%20this%20l%C3%admits%20se%20super%C3%B3,%20situation%C3%B3nque%20fu%20private%20entities attribute%20 to%20operations%20carried out%20outside%20of%20theconventional%20wholesalemarket.
From the entity they indicated that they have the possibility of acquiring foreign currency outside the traditional circuit, negotiating directly with companies or institutions, with the aim of maintaining normality in the functioning of the exchange market.
